The President/Executive Director/
Managing Director of all the Stock Exchanges
 

Dear Sir/Madam,

Sub: Practice of granting conditional listing permission

It has been brought to our notice that some stock exchanges have been granting conditional listing permission to the companies. Section 73 of the Companies Act, 1956 does not envisage any qualified conditional listing permission. Section 73 of the Companies Act, 1956 envisages a final decision of granting / refusing to grant listing permission. The stock exchanges are, therefore, advised to desist from the practice of granting conditional listing to the companies.
 

Yours faithfully,
 

P. K. BINDLISH
Deputy General Manager
Secondary Market Depositories
Research & Publications Department
E-mail: pkb@sebi.gov.in